There’s no question that car ownership incurs numerous expenses. Aside from the cost of fuel, there are toll fees, upgrade expenses, and maintenance and repair costs to name a few. In addition, it’s a well-known fact that cars depreciate in value through time. According to Consumer Reports, the life expectancy of a car is pegged at 8 years or 150,000 miles.
During the lifespan of your vehicle, it’s best to make the most out of it before it finally breaks down and needs replacing. So how can you maximize owning a vehicle? One way is to monetize your car.
Car ownership provides numerous benefits – convenience and efficiency to name a few. Below are 9 gigs you can do to monetize your car:
Be a delivery man
If you know that your neighbors and friends are busy as a bee, you can offer your services to run errands for them. You can bring their children to school and pick them up, buy their groceries, and even take their pets to the groomers. You’ll be surprised but some people will be willing to pay just to have a little more time in their hands.
Rent your car
If you’re not 100% dependent on your car and can spare commuting for a few days during the week, you can rent your vehicle out to friends or friends of friends. For out of town trips, rent-a-car companies usually ask for a fee of Php 3,500-5,000 a day for van rentals. You can replicate this as well and rent your vehicle during days you can forego driving.
Be an Uber or Grab driver
Being an Uber or Grab driver has become a full-time job and business for some people. If you have the means and the time, you can make this your part-time gig. Take note though that you have to go through a process when registering and applying to be an Uber or Grab driver. More than that, it is a requirement that your vehicle has PAMI insurance, which is passenger insurance for public utility vehicles (PUVs) which Uber and Grab vehicles fall under.
Carpool with neighbors
Aside from offering your delivery services to your neighbor, why not offer your car up for carpool? This is especially effective if your neighbors work in the same area as you do. This way you get to spend less by splitting up the cost of gas, toll fees, and even parking if your space is not provided by the company. More than that, driving to and from work won’t be a drag because you have your friends and neighbors with you.
Pick-up travelers from the airport
In relation to being a tour guide, you can also pick up your balikbayan friend or friends of your friends from the airport. This way they’ll avoid being tricked by taxi drivers who tend to jack up prices when picking passengers up from the airport.
If you have a lot of spare time during weekday mornings, nights, and the weekends, you can be a driving instructor. You can start by teaching your neighbors’ teenagers. This way, you’ll save on gas since you both live in the same area. Supplementing that, it’s best to include the cost of gas and your time when coming up with your teaching fees. As a comparison tool, professional driving schools cost upwards of Php 10,000.
If you have relatives or family friends visiting for the holidays, you can be their own personal tour guide. If they value your time and your effort showing them around, you shouldn’t be afraid to charge them and ask for a fee. With this, though, it’s best to brush up on your knowledge of select tourist destinations, so they can get the most bang for their buck with you as a tour guide.
Use your car as an advertising tool
Using your car as an advertising or marketing tool is a great way to monetize your car. This way you get to keep your car all to yourself instead of renting it out or letting other people use it. Just a look at the buses and taxis plastered with advertisements, and you can see how effective this can be.
Downgrade your vehicle
The last but definitely not the least tip is to downgrade your vehicle or sell it completely. If you live in a metropolitan area, it’s sometimes more cost- and time-effective to use public transportation. Not only will you get a lump sum amount by selling or downgrading a six-figure (or more) possession, but you can use the freed up cash for other reasons, be it paying down your mortgage or opening an investment account.
The Bottom Line
There are numerous ways you can monetize your car, so your vehicle doesn’t have to be an endless money pit. You can use it to your advantage, especially if you’re still paying your car. You can use the tips above to kill your car loans. But of course, with the money-generating tips above come more responsibility. If you plan to drive other people around, it’s important to have car insurance to keep you, your passengers, and your vehicle safe on the road. Once you’ve got that, ready, set, drive…and earn!
We, your FinancePH advisors, will be glad and more than willing to help you plan your finances. Our customized financial planning approach caters to each individual needs, budgets and priorities.
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(Originally written by: Kyle Kam, a Digital Marketing Specialist of MoneyMax.ph, a financial comparison website aiming to help Filipinos save money through diligent comparisons of financial products.)
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